President Trump will nominate a former Marine aviator, Richard V. Spencer, to be secretary of the Navy.
The White House made the official announcement Friday evening, though it was speculated as far back as March that Spencer would be his pick after his first choice, Philip Bilden, withdrew from consideration over concerns that his overseas financial holdings did not conform with government ethics standards.
Spencer has spent more than a decade in the finance industry, most recently as managing partner for Fall Creek Management. He also was president of Crossroads Investment Management and moved on to become vice chairman and chief financial officer of Intercontinental Exchange.
Spencer also served in the Marine Corps from 1976 to 1981, according to his biography on the Center for a New American Security’s website. He served on the Defense Business Board from 2009 to 2015 and is on the Chief of Naval Operations Executive Panel.
